POWERED BY MOMENTUM MEDIA
WA women feel retirement pinch
Women in Western Australia are retiring with over $140,000 less than men with the state reporting the worst gender pay gap.
The state had a gender pay gap of 22.4%, significantly higher than the national average of 14.1%.
This then contributed to a retirement balance disparity where women in WA were retiring with $141,000 less than men.
Aware Super chief executive, Deanne Stewart, said: “There are two timelines to consider when looking at your future super income which is based on your current wage and multiplied over your working life.
“There’s the now – which is when women are being paid less for the same roles than men – and then there’s the future, which is one where that lower wage means a lower starting point and will be leaving them with a smaller retirement income to live on.”
She recommended that employers took action through initiatives such as pay equity audits, super guarantee on paid and unpaid parental leave or gender pay equity policies.
“When women are paid less than men, it sets up a domino effect of disadvantage for life – all the way to, and then through retirement.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The Federal Court has fined Active Super $10.5 million for greenwashing misconduct, reinforcing the need for transparency in sustainable investment claims.
The government must prioritise tightening superannuation tax breaks and lowering the Division 296 tax threshold to $2 million, the Grattan Institute has urged, warning that current settings are unsustainable.
Draft legislation that will require super to be paid at the same time as wages has been released for consultation.
The median growth super option has fallen around 3 per cent since late January amid market volatility resulting from Donald Trump’s unpredictable policy moves, but the industry remains confident in long-term performance.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
